EOQ model with a discount rate of inflation and optimisation with pentagonal fuzzy number

Neelanjana Rajput, Anand Chauhan and R.K. Pandey

International Journal of Mathematics in Operational Research, 2021, vol. 20, issue 2, 264-280

Abstract: An EOQ model for deteriorating items under inflation over a finite time horizon is to be discussed here. This article derived a classical and fuzzy model for the effects of deterioration and inflation without any shortage. Due to uncertainty in parameters, we used a pentagonal fuzzy number and then optimise the total inventory cost. For the defuzzification of fuzzy total cost, we use two different methods namely the signed distance method and the graded mean integration method (GMI). Lastly, we discuss some numerical examples, comparative study along with graphical structures, and how this fuzzy model is more reliable for industries.

Keywords: fuzzy EOQ model; inflation; discount rate; deterioration; graded mean integration method; pentagonal fuzzy number; signed distance method. (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.inderscience.com/link.php?id=118757 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ids:ijmore:v:20:y:2021:i:2:p:264-280

Access Statistics for this article

More articles in International Journal of Mathematics in Operational Research from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().